The appropriate answer for the given statement.

Question

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Boston Industries completes job #842, which has a standard of 840 labor hours at a standard rate of $22.75 per hour. The job was completed in 890 hours, and the average actual labor rate was $23.10 per hour. What is the labor efficiency (quantity) variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Answer 6

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.

Answer 7

Chapter 11, Problem 1QC

To determine

To identify: The appropriate answer for the given statement.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Option a. The true statement is a standard is a budget for one unit.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

a.

A standard is a budget for one unit for one unit is the correct option because standard cost is the budgeted cost for a unit.

b.

Ideal standards are based on currently attainable conditions is not the correct option because Ideal standards are the standards which are based on ideal conditions.

c.

Practical standards are based on ideal conditions is not the correct option because Practical standards are based on currently attainable conditions.

d.

Standards should never be updated is not the correct option because standard once developed needs to be kept updated.